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MIRA
INFORM REPORT
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Report No. : |
503740 |
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Report Date : |
20.04.2018 |
IDENTIFICATION DETAILS
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Name : |
VALCAMBI SA |
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Registered Office : |
Via Passeggiata 3 6828 Balerna/TI /CH |
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Country : |
Switzerland |
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Date of Incorporation : |
15.05.1961 |
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Com. Reg. No.: |
524.3.000.427-6 |
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Legal Form : |
Company
limited by shares |
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Line of Business : |
The business
activities include the provision of a complete range of services which range
from the refining through the manufacture of cast and minted bars, assaying,
the development of specialist semi-finished products for the watch industry
as well as design and manufacture of coins, medals, blanks and complex
alloys. |
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No. of Employees : |
150-249 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Switzerland |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SWITZERLAND - ECONOMIC
OVERVIEW
Switzerland, a country that espouses neutrality, is a prosperous and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies.
The Swiss have brought their economic practices largely into conformity with the EU's to gain access to the Union’s Single Market and enhance the country’s international competitiveness. Some trade protectionism remains, however, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled demand for Swiss exports and put Switzerland into a recession. During this period, the Swiss National Bank (SNB) implemented a zero-interest rate policy to boost the economy, as well as to prevent appreciation of the franc, and Switzerland's economy began to recover in 2010.
The sovereign debt crises unfolding in neighboring euro-zone countries, however, coupled with economic instability in Russia and other eastern European economies drove up demand for the Swiss franc by investors seeking a safe-haven currency. In January 2015, the SNB abandoned the Swiss franc’s peg to the euro, roiling global currency markets and making active SNB intervention a necessary hallmark of present-day Swiss monetary policy. The independent SNB has upheld its zero interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell below 2% per year from 2011 through 2017.
In recent years, Switzerland has responded to increasing pressure from neighboring countries and trading partners to reform its banking secrecy laws, by agreeing to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The Swiss government has also renegotiated its double taxation agreements with numerous countries, including the US, to incorporate OECD standards.
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Source
: CIA |
Company name and address
Valcambi SA
Operating address:
via Passeggiata 3
6828 Balerna/TI
Switzerland/CH
Telephone: +41 916955311
Fax: +41
916955353
+41
916955354
Web site: http://www.valcambi.com
E-mail: info@valcambi.com
WIN Worldbox No.: CH0000426127
VAT-No.: CHE-102.067.731 TVA
UID-No.: CHE102067731
Profile
Established: 1961
Line of Business: Metal/steel
Industry Division: Manufacturing
Industry-code (NACE): 2599 Manufacture
of other fabricated metal products n.e.c.
Import/Export: Export
Export sales: 25,0%
Quality certification: ISO 9001:2015 (since 1996)
ISO
14001:2015 (since 2010)
OHSAS
18001:2007 (since 2017)
Banks: CS Credit Suisse
Operational
Figures
Coverage: Company
Figures: estimated
Financial year: 2017
Employees: 150-249
Sales: CHF 40-60 Mio
Activity
The
business activities include the provision of a complete range of services which
range from the refining through the manufacture of cast and minted bars,
assaying, the development of specialist semi-finished products for the watch
industry as well as design and manufacture of coins, medals, blanks and complex
alloys.
Annual
combined refining capacity: approximately 2'000 tons of precious metals
Refining
throughput 2013: 5.4 tons per day
Operations
and Branches:
At the
address, via Passeggiata, 6828 Balerna, Switzerland, we find office of the
company.
Real
Estate
Real Estate: The company owns buildings.
Company Register
Company No: 524.3.000.427-6
UID-No.: CHE102067731
Legal form: Company limited by shares
Registration: 15.05.1961
Legal status: active
Responsible Register: Registro di commercio del Cantone Ticino
History: Date of Statutes: 14.12.1981
Date
of Statutes: 05.06.1985
Date
of Statutes: 23.12.1968
Date
of Statutes: 19.05.1995
Date
of Statutes: 07.05.1993
Date
of Statutes: 17.12.1980
Date
of Incorporation Statutes: 10.05.1961
Date
of Statutes: 24.07.2015
Date
of Statutes: 25.05.2004
Entry Deleted Name
active Valcambi SA
Entry Deleted Legal domicile
active Balerna, Switzerland
Entry Deleted Address
27.07.2015 Via Passeggiata, 6828 Balerna/TI, Switzerland/CH
27.07.2015 6828 Balerna/TI, Switzerland/CH
Entry Deleted Capital
active Share Capital CHF 12,000,000, paid up CHF
12,000,000
Entry Deleted Capital Structure
26.05.2004 12,000 Registered shares of CHF 1,000.--
26.05.2004 12,000 Bearer shares of CHF 1,000.--
Official
Administration
Title Name
President Domenghini, Federico
Citizen:
Serravalle, Switzerland
Residential
address: Meggen, Switzerland
joint
signature of two
Registered
since: 27.07.2015
Vice-President Mesaric, Micheal
Citizen:
Muri AG, Switzerland
Residential
address: Gentilino (Collina d'Oro), Switzerland
joint
signature of two
Registered
since: 08.06.1999
Management
Title Name
Director Mesaric, Micheal
Citizen:
Muri AG, Switzerland
Residential
address: Gentilino (Collina d'Oro), Switzerland
joint
signature of two
Registered
since: 08.06.1999
Member with procuration Caratsch, Fernanda
Citizen:
Müstair, Switzerland
Residential
address: Canobbio, Switzerland
Born:
08.09.1962
joint
power of attorney of two
Registered
since: 25.04.2008
Member with procuration Corti, Oris
Citizen:
Novazzano, Switzerland
Residential address: Coldrerio,
Switzerland
Born:
07.07.1959
joint
power of attorney of two
Registered
since: 13.11.2000
Member with procuration De Feudis-Brot, Brigitte
Citizen:
Cazis, Switzerland
Residential
address: S. Pietro (Stabio), Switzerland
Born:
12.02.1961
joint
power of attorney of two
Registered
since: 16.06.2010
Member with procuration Giofré, Ursula
Citizen:
Italy
Residential
address: Vacallo, Switzerland
joint
power of attorney of two
Registered
since: 16.06.2010
Member with procuration Knobloch, Simone Darceo
Citizen:
Italy
Residential
address: Bellinzona, Switzerland
joint
power of attorney of two
Registered
since: 05.05.2014
Member with procuration Lavezzini, Elisabetta
Citizen:
Italy
Residential address: Como , Italy
joint
power of attorney of two
Registered
since: 16.06.2010
Member with procuration Molteni, Norberto
Citizen:
Italy
Residential
address: Lambrugo, Italy
joint
power of attorney of two
Registered
since: 04.06.2012
External Positions
Title Name
Auditor KPMG SA,
Residential
address: Lugano, Switzerland
Id:
CH-514.9.009.123-5
Registered
since: 17.06.1998
Executive
board
Title Name
Chief Executive Officer Mesaric, Micheal
Chief Financial Officer Caratsch, Fernanda
Chief Operating Officer Knobloch, Simone Darceo
Chief Sales Officer Giofré, Ursula
Chief Production Officer Molteni, Norberto
Chief Business Segment Officer Corti, Oris
Management
- Federico Domenghini -
Chairman:
Federico
Domenghini is Attorney-at-Law and Entrepreneur. He studied law at the
University of Fribourg (Switzerland), from which he graduated with a law degree
in 2000. He was admitted to the Bar in Zug in 2003. Between 2003 and 2005 he
worked at the Swiss Federal Department of Justice. Prior to opening his own law
firm in 2010, he worked at KPMG Switzerland and was member of the Merger &
Acquisition Practice Group and of the Audit Committee as well. Federico
Domenghini is lecturer at the Institute of Financial Services (IFZ) in Zug
(with focus on the legal and tax aspects of real estate transactions) and also
at the Swiss Fiduciary Association and at the Competence Centre for Auditing
Law (with focus on the audit law).
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Michael Mesaric - Board Member:
Michael
Mesaric joined UBS Zurich in 1982, starting his career in the Foreign Exchange
Money Market and Precious Metals Trading Department. Between 1985 and 1990 he worked
as Head of the Precious Metals Trading Teams based in Hong Kong and London. In
1990 Mr. Mesaric joined Credit Suisse Zurich as the Head of the Precious Metals
Trading Team. Between 1990 and 2002 he served as Head of the following
departments: Global Foreign Equity Trading, Global Physical Gold Trading and
Central Banks relationships. In August 2002 he became CEO at
Valcambi.
Ultimate Parent Company
Name: RAJESH EXPORTS LIMITED
City/Country: Bangalore/Karnataka, India/IN
Direct
owner/-s
No. of owner/-s: 1
Owner: The company is domestic owned.
Class: 100%, directly held
Name: GLOBAL GOLD REFINERIES AG
City/Country: Luzern/LU, Switzerland/CH
Interest: 100,00% voting right, 100,00% capital
interest (since 26.07.2017)
Investments
It is
believed that the company has no investments.
Financial
Data RAJESH EXPORTS LIMITED
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.03.2017 31.03.2016 31.03.2015 31.03.2014 31.03.2013
Number of months: 12 12 12 12 12
Currency: mil.
INR mil. INR mil. INR mil. INR mil.
INR
Balance Sheet
Intangible fixed assets 6,156.3 6,478.6 0.0
Land and buildings 600.4 604.0 238.5 249.5
Other tangible fixed assets 5,828.9 5,788.7 2,033.1 1,446.2 444.8
Tangible fixed assets 5,828.9 6,389.0 2,637.2 1,684.7 694.3
Financial fixed assets 9,191.1 9,003.0 1,017.8 134.2 34.2
other fixed assets 1,387.4 628.5 12.4 426.9 17.7
Fixed assets 22,563.7 22,499.1 3,667.4 2,245.8 746.2
Stocks 11,627.7 9,926.1 5,675.3 5,713.0 7,753.0
Trade accounts receivable 50,198.6 48,896.1 29,898.4 24,151.9 23,291.1
Cash & Cash Equivalents 148,401.9 120,629.4 114,063.8 72,141.6 98,457.6
Securities 0.0 0.0
other trade accounts 8,517.3 7,462.0 7,502.2 8,124.4 8,153.0
Accruals 0.0 0.0 4.5 0.5
Other
current assets 156,919.2 128,091.4 121,566.1 80,270.5 106,611.1
Current
assets 218,745.5 186,913.6 157,139.8 110,135.4 137,655.2
Total
assets 241,309.2 209,412.7 160,807.1 112,381.2 138,401.4
Capital 295.3 295.3 295.3 295.3 295.3
Other shareholders funds 58,546.0 47,536.9 33,321.2 27,129.7 23,850.4
Total shareholders equity 58,841.3 47,832.1 33,616.4 27,425.0 24,145.7
Minority interests 0.0 0.0
long term debt (financial debts) 0.0 0.0
Provisions 97.0 4.1 4.1 4.1 4.1
Other non current liabilities 4,656.0 5,098.4 76.0 81.5 82.5
Non current liabilities 4,753.0 5,102.5 80.1 85.6 86.6
short term debt (financial debts) 55,522.4 45,939.9 38,424.9 31,176.2 27,286.1
Trade accounts payable 121,452.5 108,533.0 87,388.4 52,155.1 80,499.1
Provisions 482.9 1,867.9 1,066.9 760.6 665.4
Accruals 0.0 0.0
other accounts payable 257.1 137.4 230.4 778.7 5,718.5
other current liabilities 740.0 2,005.2 1,297.3 1,539.3 6,383.9
Current liabilities 177,714.9 156,478.1 127,110.6 84,870.6 114,169.1
Shareh. equity, min. int. &
liabilities 241,309.2 209,412.7 160,807.1 112,381.2 138,401.4
Profit and loss
account
Sales 2,421,319.8 1,651,787.1 504,075.9 285,140.6 304,251.1
Reduction of proceeds 0.0 0.0
Net sales 2,421,319.8 1,651,787.1 504,075.9 285,140.6 304,251.1
Other operating revenue 31.3 417.5 554.0 1.9 26.8
Operating revenue 2,421,351.1 1,652,204.5 504,630.0 285,142.5 304,277.9
Cost of goods sold 2,400,146.7 1,630,720.0 489,159.4 281,698.7 304,102.4
Gross profit 21,204.4 21,484.5 15,470.6 3,443.8 175.5
Other operating expenses 4,312.5 4,586.6 3,427.2 2,600.3 292.8
Operating result 16,891.9 16,897.9 12,043.3 843.5 -117.3
Interest revenues 440.2 0.0 0.0 6,831.4 8,008.6
other financial revenues 0.0 0.0 5.3
Financial income 440.2 0.0 0.0 6,836.7 8,008.6
Interest expenses 4,302.7 2,961.6 4,591.4 3,369.3 2,914.5
other financial expenses 2,815.1 191.3 265.5 80.6
Financial expenses 4,302.7 5,776.7 4,782.7 3,634.8 2,995.1
Financial result -3,862.5 -5,776.7 -4,782.7 3,201.9 5,013.5
Result before extraordinary items 13,029.4 11,121.2 7,260.7 4,045.4 4,896.2
Extraordinary income 0.0 0.0
Extraordinary expenses 0.0 0.0 8.1
Extraordinary Result 0.0 0.0 -8.1 0.0
Result
before taxes 13,029.4 11,121.2 7,260.7 4,037.3 4,896.2
Taxes 593.0 431.2 711.6 462.8 370.1
Result before minority interests 12,436.4 10,690.0 6,549.1 3,574.5 4,526.1
minority interests 0.0 0.0
Result for the financial year 12,436.4 10,690.0 6,549.1 3,574.5 4,526.1
Cash flow
Depreciation 646.3 790.1 622.2 164.1 20.6
Cash flow 13,082.7 11,480.1 7,171.3 3,738.6 4,546.7
Cash flow from operating activities 24,737.6 21,571.4 41,013.9 -25,022.9 28,485.7
Investments in tangible fixed assets 27.2 11,636.6 1,575.2 1,154.8 7.1
Cash flow from investing activities -811.9 -19,438.2 -2,042.4 -1,253.6 -5.5
Cash flow from financing activities 5,279.8 1,383.0 2,110.6 -40.0 -8,570.9
Others -1,432.9 -33,061.1 976.6
Change in liquidity 27,772.6 6,565.6 41,922.2 -26,316.5 19,909.3
Liquidity at beginning of the year 120,629.4 -6,565.6 -41,922.2 78,548.3
Liquidity at end of the year 148,402.0 116,495.9 114,058.6 98,457.6
Notes
Material costs 2,400,146.7 1,630,720.0 489,159.4 281,698.7 304,102.4
Cost of employees 1,569.0 1,129.6 399.3 209.2 70.1
Added value 19,547.4 16,002.4 12,873.5 7,779.9 7,901.4
Working Capital -59,626.2 -49,710.8 -51,814.8 -22,290.2 -49,455.0
Net Current Assets 41,030.6 30,435.5 30,029.2 25,264.8 23,486.1
Gross cost land and buildings 371.1 371.1
Gross cost other tangible fixed assets 1,667.8 513.9
Gross cost total 2,038.9 885.0
Financials
Balance
sheet publication:
The
subject company does not publish financial figures.
Legal
Actions
Control date Year No. Amount CHF Status
10.02.2015 2015 0 Legal
actions
31.12.2014 2014 0 Legal
actions
31.12.2013 2013 0 Legal
actions
31.12.2012 2012 0 Legal
actions
31.12.2011 2011 3 94,404.-- Legal actions
31.12.2010 2010 0 Legal
actions
31.12.2009 2009 0 Legal
actions
31.12.2008 2008 0 Legal
actions
31.12.2007 2007 0 Legal
actions
31.12.2006 2006 0 Legal
actions
No legal
actions determined.
An
updated legal action check is only available against proof of interest. e.g. a
copy of an enquiry letter, and order or invoice relating to the subject
company.
Sanctions
List
We did
not find the company included on the various international sanctions lists,
such as the OFAC (Office of Foreign Assets Control), the BIS (Bureau of
Industry and Security), the European Union Restrictive measures (sanctions)
list, the Export Control Organisation (ECO) of the UK, the Australian
Department of Foreign Affairs and Trade.
Credit
Information
Financial Statements: The company does not disclose any financial
statements. Third parties are not permitted any insight into the financial
affairs. It is therefore difficult to make a proper assessment of the actual
situation.
Financial Situation: The financial situation is good.
Payment experiences: No Complaints.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.78 |
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|
1 |
INR 93.42 |
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Euro |
1 |
INR 81.39 |
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CHF |
1 |
INR 67.95 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
PRI |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.